How to Apply for Bank of America Premium Rewards Credit Card

If you’re looking for a credit card that offers a blend of valuable rewards and travel perks, the Bank of America Premium Rewards Credit Card might just catch your attention. This card is designed for those who not only enjoy earning points on everyday purchases but also seek to maximize their benefits during their travels. With this card, you can earn unlimited 2 points per dollar spent on travel and dining, and 1.5 points on all other purchases, providing flexibility no matter how you spend.

What sets this card apart are the travel rewards and extra perks. You can receive up to $100 in airline incidental credits annually and enjoy no foreign transaction fees, making it an excellent companion for international travel. Plus, the added security and convenience features make managing your finances a breeze. Ready to explore more? Let’s delve into how you can apply for this reward-rich credit card.

Benefits of the Bank of America Premium Rewards Credit Card

Earn Substantial Rewards Points

One of the most enticing features of the Bank of America Premium Rewards Credit Card is the ability to earn significant rewards points. For every dollar spent, you receive 2 points on travel and dining purchases and 1.5 points on all other expenditures. To maximize your points, consider using this card for all your travel and dining needs. Additionally, remember that there are no expiration dates for your points, allowing you to accumulate them over time for bigger rewards.

Flexible Redemption Options

The card offers a range of redemption options to suit varying needs and preferences. You can redeem your points for travel, including flights and hotel stays, or convert them into cashback and statement credits. If you’re planning a holiday, consider using your accumulated points to offset travel expenses, which can provide significant savings.

Annual Travel Credits

Each year, cardholders receive up to $100 in airline incidental statement credits. This can be used for fees such as baggage charges and card purchases offered by the airline. To make the most of this benefit, plan to use it at the start of your membership year to ensure you maximize the available credit.

Comprehensive Travel Insurance

Traveling with peace of mind is invaluable, and this card offers comprehensive travel insurance, including trip delay, cancellation, and interruption coverage. For frequent travelers, having this safety net can significantly reduce the stress associated with unforeseen travel disruptions, offering financial protection when you need it most.

Access to Preferred Rewards Tiers

As a Bank of America client, you can achieve higher rewards through the Preferred Rewards program. Depending on your banking relationship, you could earn a rewards bonus of up to 75%. To take full advantage of this, ensure you maintain a qualifying account balance with Bank of America and utilize this card to further enhance your preferred status.

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Requirements to Apply for the Bank of America Premium Rewards Credit Card

• Age Requirement: Applicants must be at least 18 years old. This aligns with legal standards for entering into credit agreements in the United States.
• Credit Score: A good to excellent credit score is recommended. Typically, a score of 670 or higher is needed to be considered for the Bank of America Premium Rewards Credit Card. A higher credit score not only increases your chances of approval but may also influence the credit limit and interest rate offered.
• Annual Income: While there isn’t a hard-set minimum income requirement publicly provided by Bank of America, having a stable and sufficient income that demonstrates your ability to repay credit card debt is crucial. This could be supported by employment or other regular income sources.
• Documentation: Prepare to provide personal identification documentation, such as a Social Security number, proof of income (like pay stubs or tax returns), and proof of U.S. residency or citizenship.
• Bank of America Relationship: Existing Bank of America customers might have a smoother application process and possibly enjoy additional benefits. Having a prior relationship with the bank, such as a checking or savings account, can sometimes be advantageous.

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How to Apply for the Bank of America Premium Rewards Credit Card

Step 1: Visit the Bank of America Website or Branch

To start the application process for the Bank of America Premium Rewards Credit Card, you have two main options: you can either visit the Bank of America website or go to your nearest Bank of America branch. Visiting the website allows you to apply from the comfort of your home, while an in-person visit gives you the chance to ask questions from a representative.

Step 2: Locate the Premium Rewards Credit Card Section

On the website, navigate to the credit cards section by clicking on the “Credit Cards” tab in the main menu. Look for the Premium Rewards Credit Card among the credit card options. If you are in a branch, request the detailed brochure for this particular card and have a seat with a banking specialist.

Step 3: Fill Out the Application Form

Once you have found the Premium Rewards Credit Card, click on the “Apply Now” button online, or start filling out a paper application in a branch. The form will require you to provide personal information, such as your full name, address, Social Security number, and employment details. Be sure to have this information readily available to ensure a smooth application process.

Step 4: Review and Submit Your Application

Before submitting your application, carefully review all the entered information for accuracy. This step is crucial because any mistakes could delay the approval process. Double-check your income figures, contact details, and all other relevant data. Once verified, click on “Submit” if applying online or hand over the completed form to the bank representative.

Step 5: Await Approval

After submission, the application will be processed by Bank of America. Processing times can vary, but you will typically receive a response within a few business days. If approved, you’ll be notified via email or mail, and your new Premium Rewards Credit Card will be sent to you shortly thereafter. Enjoy the benefits and rewards that come with your new card.

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Frequently Asked Questions About the Bank of America Premium Rewards Credit Card

What are the benefits of the Bank of America Premium Rewards Credit Card?

The Bank of America Premium Rewards Credit Card offers several compelling benefits. Cardholders can earn unlimited 2 points for every dollar spent on travel and dining, and 1.5 points per dollar on all other purchases. Additionally, you can receive up to $100 in airline incidental statement credits annually for qualifying purchases like baggage fees. There’s also the potential to receive up to $100 for TSA Pre✓® or Global Entry application fee every four years.

Is there an annual fee for this credit card?

Yes, the Bank of America Premium Rewards Credit Card comes with an annual fee of $95. While this may seem like a downside, the card’s rewards program and other benefits are designed to provide significant value that can easily offset this cost if you regularly spend on travel and dining or use the travel-related credits.

How can I maximize rewards with this credit card?

To maximize your rewards, make sure to use your card for all travel and dining purchases to take advantage of the 2 points per dollar earning rate. Also, take full advantage of the annual $100 airline incidental and TSA Pre✓® or Global Entry credits, as these can significantly enhance the card’s value. Additionally, if you’re a Bank of America Preferred Rewards client, you can earn bonus points which range from 25% to 75% more based on your tier, further boosting your rewards.

Is there a foreign transaction fee?

No, there are no foreign transaction fees when using the Bank of America Premium Rewards Credit Card. This makes it an excellent choice for international travelers who want to earn rewards without additional charges when making purchases abroad.

What is the rewards redemption process like?

The rewards redemption process with the Bank of America Premium Rewards Credit Card is straightforward. You can easily redeem your points for cash back as a statement credit, direct deposit into a Bank of America or Merrill account, or use them to purchase gift cards and travel. This flexibility allows you to make the most out of your accumulated points based on your personal preferences and financial goals.

Linda Carter

Linda Carter is a writer and expert in finance and investments. With extensive experience helping individuals achieve financial stability and make informed decisions, Linda shares her knowledge on the Net Dolares platform. Her goal is to provide readers with practical advice and effective strategies to manage their finances and make smart investment choices.